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ENG4801 - Professional practice (Curriculum embedded) - MUM S1 2025

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Which of the following statements are correct?

Dividends are not tax deductible for the Company paying them

33%

Debt Holders lend funds in the expectation they will receive interest and the return of the loan principal

33%

Interest paid is tax deductible expense for the Company paying it

33%

Shareholders provide these funds (“Equity”), in the expectation they will receive dividends with the understanding that their equity is at risk

33%

Equity funds sourced from shareholders and from retained earnings set aside from profitable operations

33%

Debt funds borrowed from external sources such as banks, superannuation funds or investors

33%

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Which statement is correct about financial statements (identify all correct answers)?

The profit and loss statement identifies the organization’s cashflow over a period of time.

❌

The profit and loss statement is the same as the cashflow statement

❌

The balance sheet identifies all of the organization’s assets and liabilities at a point in time.

✅

The balance sheet, profit and loss and cashflow statements are important and frequently used financial statements to report an organization’s financial performance and position.

✅

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Which of the following statements about interest payments is correct?

Interest payments are tax deductible for shareholders.

Interest payments are capital expenses.

Interest payments are tax deductible for the entities paying them.

Lenders receiving interest payments do not need to include them in their taxable income.

Dividends must be paid regularly every year and have priority over interest payments.

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Which of the following are not current assets?

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Given the following data calculate the profit.

Item selling price	$1,000
Cost of raw materials	$50
Cash Manufacturing cost	$200
Equipment depreciation	$100

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If Metal X Limited’s quick ratio dropped to less than 1.0 what would the implications be:

Metal X may have solvency problems, that is problems paying their bills if and when they fall due because they may have to pay bills before they receive cash from their customers.

Metal X should increase their short-term borrowings.

Nothing at all

Metal X’s management can slow down their decision-making process because turnover has slowed down.

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Given the following data, what is the cashflow from selling, ignoring tax?